7th Sep 2007 07:01
Cairn Energy PLC07 September 2007 EMBARGOED FOR RELEASE AT 0700 7 September 2007 Cairn Energy PLC ("Cairn") Three Transactions by Capricorn Energy Limited ("Capricorn") Cairn announces today that its exploration focused subsidiary Capricorn hasentered into three separate transactions as summarised below. Separateannouncements containing greater detail are also being made today in respect ofeach transaction. Recommended Cash Offer for Plectrum Petroleum PLC ("Plectrum") Agreement has been reached with the Board of Plectrum on the terms of arecommended cash offer by Capricorn for the whole of the issued share capital ofPlectrum. The terms of the offer values the entire existing issued share capitalof Plectrum at approximately £23.4m. Plectrum holds a 50% equity interest in theNabeul permit offshore Tunisia and in addition has interests in Australia, Peruand the UK (West of Shetlands). Recommended Cash Offer for MedOil plc ("MedOil") Agreement has been reached with the Board of MedOil on the terms of arecommended cash offer by Capricorn for the whole of the issued share capital ofMedOil. The terms of the offer values the entire existing issued share capitalof MedOil at approximately £12.4m. MedOil holds a 100% interest in the Louzapermit offshore Tunisia and in addition has pending licences offshore Albania,Spain and Sicily. The combined acreage of Plectrum and MedOil provides Capricorn with apotentially material oil exploration position in Tunisia. These transactions arenot however inter-conditional. Appendix 1 to this announcement contains a mapproviding a summary of the Tunisian acreage positions. Dyas Investment Dyas BV, an active investor in oil and gas joint ventures, has agreed, pre theabove offers, to acquire a 10% shareholding in Capricorn for a totalconsideration of approximately US$90m. Appendix 2 to this announcementsummarises the equity structure of the Cairn Group post the Dyas transaction. Dr Mike Watts, Exploration and New Business director of Cairn, and ChiefExecutive of Capricorn, commented: "I am delighted to announce, through these recommended cash offers, the firststeps towards building a portfolio of assets with material positions offeringhigh impact exploration potential. At the same time, I am pleased that Dyas hasdemonstrated its confidence in Capricorn's future by investing directly for a10% shareholding." There will be a conference call in respect of these transactions for analystsand investors today at 8.30 am. Enquiries to: Analysts/InvestorsCapricorn Management Team:Mike Watts, Exploration & New Business Director of Cairn and Tel: 0131 475 3000Chief Executive of Capricorn Jann Brown, Finance Director of Cairn and Capricorn Simon Thomson, Legal and Commercial Director of Cairn andCapricorn Media Tel: 0207 404 5959 Brunswick Group LLP:Patrick Handley, Mark Antelme, Phoebe Buckland This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC